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June 22, 2006
H&M To Open New Up-Market Chain
Swedish retailer Hennes & Mauritz plans to introduce a new store chain offering more expensive and fashion-forward merchandise.
The chain, due to open next spring, will operate under a different brand name, according to investor relations head Nils Vinge.
Vinge made the announcement after reporting that H&M rang in a 12 percent profit increase to $363 million during its second quarter, led by strong May sales.
As well as going up market, H&M is also planning to expand internationally. The retailer plans to enter China in 2007 with two new stores.
Posted by Blacks on June 22, 2006 10:06 AM
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